Don’t Worry, Be Wealthy

(1) Meltups don’t have to be followed by meltdowns if they are fundamentally based. (2) A brief chronology of our meltup call. (3) Let’s try a different analogy: simmering and boiling water. (4) HUGE increase in stock market wealth y/y. (5) Trickling up and down. (6) One-shot bonuses won’t boost wage inflation. (7) Sentiment as bullish as in early 1987. (8) The next bear market could be like 1987, when stocks recovered rapidly because there was no recession in earnings. (9) Movie Review: “Hostiles” (+).